PRWCX vs. SPY
Compare and contrast key facts about T. Rowe Price Capital Appreciation Fund (PRWCX) and State Street SPDR S&P 500 ETF (SPY).
PRWCX is managed by T. Rowe Price. It was launched on Jun 30, 1986. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
PRWCX vs. SPY - Performance Comparison
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PRWCX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRWCX T. Rowe Price Capital Appreciation Fund | -5.03% | 20.92% | 12.50% | 18.85% | -12.00% | 18.45% | 18.13% | 24.62% | 0.63% | 15.34% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, PRWCX achieves a -5.03% return, which is significantly lower than SPY's -4.37% return. Over the past 10 years, PRWCX has underperformed SPY with an annualized return of 11.20%, while SPY has yielded a comparatively higher 13.98% annualized return.
PRWCX
- 1D
- 0.06%
- 1M
- -4.88%
- YTD
- -5.03%
- 6M
- 3.83%
- 1Y
- 14.87%
- 3Y*
- 13.01%
- 5Y*
- 8.99%
- 10Y*
- 11.20%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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PRWCX vs. SPY - Expense Ratio Comparison
PRWCX has a 0.68% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
PRWCX vs. SPY — Risk / Return Rank
PRWCX
SPY
PRWCX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Capital Appreciation Fund (PRWCX) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| PRWCX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.13 | 0.93 | +0.20 |
Sortino ratioReturn per unit of downside risk | 2.11 | 1.45 | +0.66 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.22 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.93 | 1.53 | +0.41 |
Martin ratioReturn relative to average drawdown | 8.23 | 7.30 | +0.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PRWCX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.13 | 0.93 | +0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.68 | 0.69 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.87 | 0.78 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 0.56 | +0.34 |
Correlation
The correlation between PRWCX and SPY is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PRWCX vs. SPY - Dividend Comparison
PRWCX's dividend yield for the trailing twelve months is around 16.55%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRWCX T. Rowe Price Capital Appreciation Fund | 16.55% | 15.72% | 10.38% | 4.15% | 9.44% | 9.23% | 7.97% | 5.83% | 7.46% | 6.82% | 3.51% | 9.86% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
PRWCX vs. SPY - Drawdown Comparison
The maximum PRWCX drawdown since its inception was -41.77%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PRWCX and SPY.
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Drawdown Indicators
| PRWCX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.77% | -55.19% | +13.42% |
Max Drawdown (1Y)Largest decline over 1 year | -6.80% | -12.05% | +5.25% |
Max Drawdown (5Y)Largest decline over 5 years | -17.07% | -24.50% | +7.43% |
Max Drawdown (10Y)Largest decline over 10 years | -26.86% | -33.72% | +6.86% |
Current DrawdownCurrent decline from peak | -6.27% | -6.24% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -3.34% | -9.09% | +5.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.66% | 2.52% | -0.86% |
Volatility
PRWCX vs. SPY - Volatility Comparison
The current volatility for T. Rowe Price Capital Appreciation Fund (PRWCX) is 2.94%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that PRWCX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRWCX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.94% | 5.31% | -2.37% |
Volatility (6M)Calculated over the trailing 6-month period | 9.61% | 9.47% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.47% | 19.05% | -5.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.21% | 17.06% | -3.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.97% | 17.92% | -4.95% |